In microeconomics the term 'utility' references the:

Question

In microeconomics the term 'utility' references the:

 

 i. relative scarcity of a good or service
 ii. usefulness of a good or service
 iii. satisfaction derived from consumption of a good or service
iv. slope of a consumer's demand curve for a good or service

 

A. i
B. ii
C. iii
D. iv
E. ii and iii
F. iii and iv

Answer 1

"Utility" can be thought of as a level usefulness, of satisfaction of a desire for say food, shelter, etc.  It's a measure that is peculiar to each individual consumer:  the utility derived for me from consuming apples will be different that the utility derived from consuming apples for you.  The price I'm willing to pay to consume apples will be difference than the price you would pay given our different utility functions for apples and our incomes.   There's no real way to directly, quantitatively, measure and compare your utility with mine.  It's a theoretical concept.